While wills take effect upon death, trusts may be used both during the life and after the death. Separately or together, wills and trusts can serve effective estate and tax planning.
If the trust is made in lifetime, then the details of the trust will usually be documented by a trust deed. If it is created on death then the details of the trust will be in the Will, a ‘Will Trust’.
A trust is the formal transfer of assets, e.g. your house, shares, cash etc, to a small group of people with the instructions that the assets are held for the benefit of others. the trust document will state who are responsible for looking after the assets (the trustees) and who will benefit (the beneficiaries). The document will also outline any rules and conditions that the trustees and beneficiaries must follow.
All trusts even if they are not taxable, are required to register with HMRC. The legal responsibility for registration falls with the trustees and failure to register may result in a penalty.
Whether you already have a trust in place or are looking at setting up a trust, we can advise on the legal and administrative requirements.
We also advise as to the range of options available, the pro’s, con’s, pitfalls and of course, ultimately, if it is sensible for you to be putting a Trust in place, at all.
We can put in place any Trust documentation, including setting up, administration or termination of trusts.